Cardano & Meld Explained in simplest way possible
Decentralised finance is heading towards the slight version of centralisation in mining. Cardano blockchain’s new Non-custodial banking protocol is leading the world towards total freedom in finance with pure decentralisation. And the MELD emerges as the most powerful project in the Cardano blockchain. And arguably the future of the Crypto world.
The blog is to educate people about the fundamentals of MELD and the Cardano blockchain in the simplest way possible.
Understanding Decentralised Finance from beginning
From the beginning Decentralised Finance is continuously working and updating itself to achieve a milestone for everyone. The continuous implementation of new ideas and work ethics has led the crypto world to reach new heights.
Bitcoin:- Essentially called as a digital gold. Used to store and transfer virtual money. which can be called as the first generation og DeFi as it gives everyone an decentralised option to store there wealth on blockchain.
Ethereum:-works on the principle of ‘Smart Contract’. Smart Contract is a digital contract, a tiny computer program stored inside the blockchain, which gives power to developers to create the DeFi we know today, we can say it’s the second generation of DefI.
Cardano:- It is the current and very new generation based on updates of previous two generations. It gives more flexibility to creators to create the new generation of DeFi.which is more scalable, decentralised & cost effective for everyone using the blockchain.
Cardano Blockchain:The base of MELD
Cardano was launched in September 2017. Cardano works on ‘Peer Reviewed Paper’. Other crypto currencies work on the basis of ‘White Paper’,the problem is users cannot update ‘White Paper’ according to the need. On the other hand Cardano gives freedom to users, users after
reading ‘Peer Reviewed Paper’ can improve, update and agree on the most acceptable outcome.
Three Main Problems Solved by Cardano
- Scalability:(Improved transaction per second, Increased network bandwidth, Data storage)
- 2) Interoperability
Cardano’s work ethics make MELD a project of the future. In simple words Developers suggest the idea to the user community, and the community then votes on the Developer’s idea. And in this way improvements get added in the ‘Peer Reviewed Paper’. You may now have the slightest idea of pure Decentralisation.
Proof of Stake
Now here is the amazing thing about Cardano blockchain. The blockchain uses ‘Proof of stake’ instead of ‘Proof of Work’.
In ‘Proof of stake’ miners have to stake that particular coin in regards to mine it which means not everyone can mine it on top of that there are some strict rules which has to be followed by the miners if they fail to meet the criteria they are disqualified to mine or there is some penalty. In that way ‘Proof of stake’ doesn’t allow everyone to mine, hence resulting in less consumption of electricity and no race between miner communities.
The development created in the third generation based on the previous two has made MELD transparent and highly scalable.
The adopted work ethic of ‘Peer Reviewed Paper’ makes MELD advance and improvable every single day. The system of ‘Proof of stake’ heads us towards less consumption of electricity with more work efficiency.
MELD is the present and only future of Crypto currencies with such advanced benefits. That’s why choosing MELD is better than the rest.
Conclusion on MELD
MELD is the most ambitious, young and third generation project of the crypto world. MELD works on the DeFi protocol built upon the Cardano blockchain. It is the true revolution in the crypto world, deleting all the odds of a centralised system with massive growth potential.
MELD is surpassing Ethereum and bitcoin with new opportunities and freedom to everyone providing a great transparency.